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Oil rises as gold nears weekly high
Oil prices rose today, Friday, amid escalating concerns over navigation in the Strait of Hormuz, where Iran and Oman are considering imposing fees and fines on hostile vessels, threatening freedom of passage and impacting oil prices, which reached their highest levels since July. Brent crude increased to $83.48, while West Texas Intermediate rose to $78.84. Gold also posted its largest weekly gains since January, up by 4.8%, amid anticipation of U.S. employment data and expectations of a 55% chance of interest rate hikes. Regional tensions and U.S. sanctions remain challenges affecting the oil market, amid fears of continued price instability.
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